Johnson Controls, Tyco Fire intend to sell senior notes due 2029

By Mary-Katherine Stinson

Lexington, Ky., April 16 – Johnson Controls International plc and Tyco Fire & Security Finance SCA announced an offering of fixed-rate senior notes due 2029 in a 424B5 filing with the Securities and Exchange Commission on Tuesday morning.

There will be a make-whole call until one month before the notes mature when there will be a par call.

A change of control would trigger a 101 put.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and TD Securities (USA) LLC are leading the sale with BofA Securities, Inc., Barclays, Credit Agricole Securities (USA) Inc., ING Financial Markets LLC and U.S. Bancorp Investments, Inc. also listed as joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Simpson Thacher & Bartlett LLP is advising the issuers. Arthur Cox LLP will advise Johnson Controls on Irish law and Tyco will be advised by Allen & Overy as to Luxembourg law. Counsel to the underwriters is provided by Latham & Watkins LLP.

Proceeds will be used for general corporate purposes, which may include the repayment of debt, acquisitions, additions to working capital, the repurchase of ordinary shares, dividends, capital expenditures and investments in subsidiaries.

The notes will be listed on the New York Stock Exchange.

Johnson Controls is a global diversified technology company based in Cork, Ireland. Tyco Fire & Security is a wholly owned subsidiary and holding company with offices in Luxembourg.

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